Welcome to another session of our Studio Pro Learning Lab series!
💡 In this session, you will learn:
✔️ Why They Matter: Understand how Transaction Codes and Due Dates impact payment tracking, financial reporting, and overall account accuracy.
✔️ How to Use Them Effectively: Learn where to enter Transaction Codes and Due Dates inside Studio Pro, and how to match them to your studio’s workflow.
✔️ Reporting Like a Pro: Use these tools to gain clarity in revenue reports, forecast tuition trends, and catch missed or misdated payments fast.
Quick Reference Guide on Transaction Codes and Due Dates
Studio Pro: Transaction Codes and Due Dates
This Q&A highlights how to create, manage, and use transaction codes and due dates in Studio Pro to improve reporting accuracy and streamline billing processes.
Understanding Transaction Codes and Due Dates
Q: What are transaction codes?
A: Transaction codes are labels assigned to various types of fees billed to a student’s account. They group similar transactions together, such as registration fees, tuition, or costume charges. Using transaction codes helps your studio accurately report payments, outstanding balances, and credits.
Q: What are due dates?
A: Due dates determine when a parent should make a payment. Studio Pro uses due dates to apply payments to the correct debit transactions and to calculate late fees where applicable.
Q: Why are transaction codes and due dates important?
A: They ensure accuracy in your studio’s reporting and financial tracking. Proper setup improves efficiency, minimizes missed payments, and maintains clear communication with families.
Setting Up Transaction Codes
Q: How do I create a new transaction code?
A: Go to More → Settings → Transaction Codes & Types → Add New Transaction Code.
After creating codes, you can assign them to debit transactions to categorize charges for accurate reporting and reconciliation.
Q: What types of transactions should have codes?
A: Common examples include:
Registration Fees
Tuition
Performance Fees
Supplies
Trial Classes
Events
Late Fees
Q: Where can I assign transaction codes in the system?
A: Transaction codes can be set for preset debit transactions in the following areas:
Registration Fees: More → Online Registration
Drop-Ins: More → Settings → iPad Class Manager
Point of Sale: More → Settings → Point of Sale → Settings
Appointments & Private Lessons: More → Appointments & Private Lessons → Select the Service
Online Store: Magic → Products & Services → Items Actions → Online Store Settings
Punch Cards: More → Settings → Portal Settings → Options
Q: When posting fees, how do I select the transaction code?
A: Transaction codes can be selected when:
Posting tuition to accounts
Adding a fee to specific students or classes
Posting costume or class fees
Posting in specific student journals or class transactions
Setting Due Dates
Q: How do I set preset due dates?
A: Preset due dates can be configured for:
Registration Fees – Magic → Online Registration → Settings tab
Trial Classes – Magic → Online Registration → Trial tab
Drop-Ins – Magic → Online Registration → Drop-Ins tab
Online Store – Magic → Products & Services → Items Actions → Online Store Settings
Point of Sale “Bill to My Account” – More → Point of Sale → Settings
Appointments & Private Lessons – More → Appointments & Private Lessons → Appointments Actions
Q: How can I set due dates in real time?
A: When posting charges manually, click the blue hyperlink Due Date/Late Fees to add or adjust due dates as you post.
Best Practices for Accuracy
Q: How can transaction codes improve my reporting?
A: Assigning consistent transaction codes allows you to track specific revenue streams and identify which items have been paid or are still outstanding.
Q: How can I make sure all debits have a transaction code?
A: Always assign a transaction code when posting a new debit. This ensures reports display accurate totals for each fee type and prevents discrepancies between credits and debits.
Q: What are some helpful reports for monitoring payments?
A: Use your Student Transaction Journals and Parent Account Reports to review debits, credits, and due dates. These reports help verify that all posted fees have appropriate transaction codes and that payments are applied correctly.
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